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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (15426)	7/22/2002 9:40:36 PM
From: stockman_scott	Read Replies (1) \| Respond to of 23153

Here's a great piece from Morgan Stanley's Stephen Roach... morganstanley.com July 22, 2002 <<...This is obviously an extremely painful period for equity investors. Oversold is an understatement in describing current market conditions. Yet experience has taught a generation of investors that such sell-offs should be treated as classic dip-buying opportunities. Such a chance may well be at hand. I’ll leave that to the strategists. But there’s one key premise in all this that continues to eat away at the economist in me: The current state of affairs is still diagnosed as the market’s problem, not as an economic problem. That’s where I continue to take issue. Until denial cracks on this pivotal presumption, I continue to fear that any trading rallies will be short-lived and that financial market conditions will remain exceedingly treacherous...>>